Warner v. Commissioner
United States Tax Court
Ranchers, Inc.'s plan to offer stock failed to provide that said offering must end not later than 2 years after the date of the plan's adoption. Held, the stock offered under Ranchers' plan does not qualify under sec. 1244(c)(1) so as to entitle petitioners to ordinary loss treatment for losses suffered on their Ranchers stock upon its liquidation in 1963.
1Opinion of the Court
Fay, Judge:
Eespondent determined tbe following deficiencies in income tax for tbe calendar year 1963:
Doeltet No. Deficiency
5842-65 -$2, 312. 27
5843-65 _ 284.12
5901-65 _ 1,140.46
Tbe issue for decision in eacb docket is wbetber eacb set of petitioners sustained either a loss on “small business stock” in tbe year 1963 under tbe provisions of section 1244 of tbe Internal Eevenue Code of 1954 on tbe liquidation of Eancbers, Inc., or a capital loss 'subject to the limitations provided under section 1211 (b).
FINDINGS OF FACT
Some of the facts are stipulated and tbe stipulation of facts and exhibits…
2Cited by21 opinions
- Godart v. CommissionerUnited States Tax Court · 1969
- James A. And Audrey J. Warner v. Commissioner of Internal Revenue, Jerrie D. And Leta J. Schooley v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1968
- Siebert v. CommissionerUnited States Tax Court · 1969
- Hayden v. CommissionerUnited States Tax Court · 1969
- Rickey v. CommissionerUnited States Tax Court · 1970
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